Singapore legislation
Section 49
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 49
Joint insured policies
(1)
Where there are 2 or more insured policy owners in respect of any insured policy, each of those insured policy owners is entitled, as at the quantification date, to compensation from the PPF Life Fund or the PPF General Fund, as the case may be.
(2)
For the purposes of determining the share of an insured policy owner in an insured policy under subsection (1), each insured policy owner holding such insured policy is deemed to have an equal share in the insured policy unless there is an express provision to the contrary in the books of the failed PPF Scheme member.
(3)
To avoid doubt, subsection (2) does not affect any rights as between the insured policy owners themselves.